Hawaii House Prices are Among Some of the Highest in the U.S.

September 2021:492017

Housing Prices are Up Since May and Short Term Relief is Unlikely

Wailuku, Hawaii – Hawaii’s real estate market is going strong. The country has seen an increase in home sales and a rise in home prices since May 2017. Things are looking great for sellers, but buyers may have a harder time finding available homes. With such high prices, some people even find themselves in need of a Real Estate Attorney, like the attorneys at Cain and Herren, ALC, for assistance.

Living on the islands can be extremely expensive with Hawaii’s cost of living being the highest of any of the 50 states. According to neighborhoodscout.com, the median home value is $619,902. Housing costs are among some of the highest in the country, with Washington DC and California close behind.

Maui Country home values have significantly gone up by 8.5% since last year with the average home value being $613,900. The median price of homes that are currently listed at on the island is $700,000. While there are homes in lower price brackets, they are much harder to find.

In Hawaii, 55.1% of the population are homeowners, whereas 44.9% are renters. This close differentiation could be due to the expensive housing prices that are difficult to afford. However, if you decide to rent, you’re still looking at an expensive payment each month. The median rent price in Maui County is $2500 per month.

You need to act fast if you want local real estate for a good price. And some people act so fast that they find themselves unable to make their mortgage payments. The Attorneys at Cain and Herren, ALC have this to say to island residents looking for Real Estate in Hawaii:

If you have any questions about your property, our Hawaii real estate attorneys will be able to provide advice and assistance for topics related to payments, loans, and more.

If you are looking to buy a home in Maui County, new listings are always available but you need to act quickly. The real estate market is highly competitive, and it looks like it will stay that way for some time.

About Cain and Herren, ALC:

The Law firm of Cain and Herren, ALC is a team of highly respected and experienced lawyers in Maui. The attorneys at Cain and Herren have the experience to provide legal assistance concerning the resolution of cases related to bankruptcy, family law, criminal defense, business, and real estate law.

If you need help with your new real estate purchase, contact Cain and Herren at (808) 242-9350 or www.cainandherren.com

They can help you deal with the difficulties of owning a home if it pushes your budget too far.